Open Data Could Be Worth $5.4 Trillion Annually

Michael Chui of McKinsey Global Institute provided some clear insights about the benefits of opendata. Here are the 4 characteristics of open data provided by Chui:

Access by Everyone

Formatted for Easy Reading by a Computer

Free(no cost)

Unlimited Rights to redistribute and reuse

Also, Chui describes how an organization can get the most from their open data. It is not enough to just make the data available, the organizations must provide an ecosystem focused around the open data. Here are some of the strategies he discussed.

Identify and Prioritize the Correct Data to open

Get Developers/Data Scientists (internal/external) Playing with the data

Talent

Privacy/Policy Issues

Platforms & Standards along with metadata

He also mentions the potential economic benefits of open data ranging from $3.2 billion to $5.4 trillion. For more information on open data see the latest Report from McKinsey Global about Open Data and/or watch the video below.